Obama’s Overseas Tax Loophole Photo Op: Road To Nowhere

Jeff Birnbaum of the Washington Times cast doubt on President Obama’s idea to “go after” U.S. companies not paying enough in taxes overseas. 

“The plan won’t create jobs and will make U.S. companies less competitive.”

Charles Krauthammer thought the idea needed work as “U.S. companies already have the second highest taxes in the Western world.

Today’s even with Treasury Secretary Tim Geithner looked liked a half-baked photo op with little thought or substance behind it….

Obama’s own party leaders in the Congress started an immediate pushback to today’s tax plan…

In the House, Appropriations Committee Chairman David Obey said the money requested by the president to relocated prisoners from Gitmo would be withheld.

The administration has not come up with a “concrete program” for what to do about the estimated 50 to 100 detainees who can’t be released but also can’t be effectively tried by the military, Obey said……

Related:
Obama’s tax idea alarms business

**************************

By Stephen Ohlemacher, Associated Press Writer.

President Barack Obama
promised sternly on Monday to crack down on companies “that ship jobs overseas” and duck U.S. taxes with offshore havens. It won’t be easy. Democrats have been fighting — and losing — this battle since John F. Kennedymade a similar proposal in 1961. Obama’s proposal to close tax loopholes was a reliable applause line during the presidential campaign, but it got a lukewarm response Monday from Capitol Hill.

Sen. Max Baucus of Montana, the Democratic chairman of the Senate Finance Committee, said the plan needed further study, even though similar ideas have been around for years.

The president’s plan would limit the ability of U.S. companies to defer paying U.S. taxes on overseas profits. At the same time, Obama would step up efforts to go after evaders who abuse offshore tax shelters.

Obama said his plan would raise $210 billion over the next 10 years, though no tax increases would go into effect until 2011. That’s an average of $21 billion a year, less than a 2 percent nick in a federal budget deficit that is projected to hit $1.2 trillion in 2010.

Lost revenue isn’t the only problem, Obama says. He contends the current system gives companies an incentive to invest overseas rather than creating jobs in the U.S.

Read the rest:
http://news.yahoo.com/s/ap/us_obama_taxe
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9wX3N0b3J5BHNsawNjb25ncmVzc2xlZXI

http://michellemalkin.com/2009/05/04
/close-gitmo-dems-wont-put-money-wh
ere-their-mouths-are/

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